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If you want a newer Ford Mustang without breaking the bank, you have a few options. Better yet, you don’t have to settle for fewer cylinders if you want a V8-powered pony car. Still, if you want a gas-sipping turbocharged four-cylinder Mustang, preowned EcoBoosts are relatively inexpensive compared to other sports cars. Here are some of the cheapest Ford Mustangs in terms of recent S550-generation trims and engine options. 

  • Mustang V6
  • EcoBoost
  • GT
  • GT Premium

Is the Mustang V6 one of the cheapest Ford Mustangs?

Before Ford discontinued the Mustang V6 in 2017, it was the cheapest offering in the pony car’s lineup. With a starting price of $26,085, the 2017 Ford Mustang V6 is a 300-horsepower, entry-level vehicle with the storied badge but not much else. According to TrueCar, the V6 model produces 280 lb-ft of torque from its 3.7L six-cylinder engine, which is 40 less than the EcoBoost. Also, the V6 manages only 18 mpg city and 27 mpg on the highway, not much better than a V8-powered GT. 

While the V6 is a cheap Mustang, you might be better off with either the gas-sipping EcoBoost or the GT. Still, you can snag a 50,000-mile 2017 Mustang V6 for just $22,972. 

Is an EcoBoost Mustang worth it?

The EcoBoost, after Ford discontinued the V6 coupe in 2017, is the cheapest Mustang in the lineup. Its also better performing and more efficient than the six-cylinder model. TrueCar says the 2022 EcoBoost produces 310 horsepower and 350 lb-ft of torque from its 2.3L turbocharged four-cylinder engine. Better yet, shoppers can opt for the high-performance package and bump that horsepower figure up to 330. 

However, the EcoBoost’s most redeeming feature is its price point. You’ll be hard-pressed to find any other coupe on the market with 310 horsepower for a starting price of around $28,400. However, if you want to save some money by opting for an older model, you have plenty of options. You could go for the 2017 EcoBoost prior to the 2018 S550 design refresh and pay around $22,974. 

Cheap Mustangs include the Ford Mustang EcoBoost.
Ford Mustang 2.3 EcoBoost | Adam Gasson, T3 Magazine, Future via Getty Images

What is the price of a Mustang GT?

So you want a cheap, V8-powered Mustang with over 400 horsepower and don’t want to pay a premium? No problem. The used market is inundated with used Coyote-powered GTs. For instance, you can save a bit by opting for a 2015 to 2017 GT. Kelley Blue Book (KBB) says savvy shoppers can snag a 435-horsepower 2017 Mustang GT with 50,000 miles for $29,832. 

That’s quite a bit cheaper than the 2022 Mustang GT’s starting price of $39,440. However, the new GT is still one of the most powerful cars on the market for under $40,000.  

Cheapest Ford Mustangs include the GT Premium, which has leather seats.
Leather seats in an S550 Mustang | Sjoerd van der Wal, Getty Images

Here Are Some of the Most Powerful Ford Mustangs by Decade

How can the GT Premium be one of the cheapest Ford Mustangs?

You might hear the moniker “Premium” and immediately cringe, but hang on. A preowned Ford Mustang GT Premium with a 435-horsepower Coyote engine and leather seats is a solid option for car shoppers with a limited sports car budget. According to KBB, you can find a 2015 Ford Mustang GT Premium with heated front seats and a larger infotainment screen for $30,664. Scroll down to the following article to read more about Mustangs!